OLD National Bancorp IN Sells 235 Shares of Northrop Grumman Co. (NYSE:NOC)

OLD National Bancorp IN trimmed its position in Northrop Grumman Co. (NYSE:NOC) by 6.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 3,391 shares of the aerospace company’s stock after selling 235 shares during the period. OLD National Bancorp IN’s holdings in Northrop Grumman were worth $1,591,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in NOC. Wellington Management Group LLP increased its position in Northrop Grumman by 0.4% in the third quarter. Wellington Management Group LLP now owns 4,140,892 shares of the aerospace company’s stock worth $2,186,681,000 after purchasing an additional 17,596 shares during the period. Geode Capital Management LLC grew its position in shares of Northrop Grumman by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,003,360 shares of the aerospace company’s stock worth $1,581,644,000 after buying an additional 18,791 shares during the period. Franklin Resources Inc. grew its position in shares of Northrop Grumman by 6.2% during the 3rd quarter. Franklin Resources Inc. now owns 2,426,270 shares of the aerospace company’s stock worth $1,315,729,000 after buying an additional 141,816 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Northrop Grumman by 0.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 809,445 shares of the aerospace company’s stock worth $427,444,000 after buying an additional 3,211 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its holdings in Northrop Grumman by 102.6% in the third quarter. Two Sigma Advisers LP now owns 735,600 shares of the aerospace company’s stock valued at $388,448,000 after buying an additional 372,500 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, VP Benjamin R. Davies sold 1,156 shares of Northrop Grumman stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $532.93, for a total value of $616,067.08. Following the sale, the vice president now owns 537 shares of the company’s stock, valued at approximately $286,183.41. The trade was a 68.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 1,255 shares of company stock valued at $663,859 in the last three months. 0.22% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Susquehanna dropped their target price on shares of Northrop Grumman from $625.00 to $557.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Barclays cut their target price on Northrop Grumman from $550.00 to $500.00 and set an “equal weight” rating on the stock in a research note on Monday, January 6th. TD Cowen upgraded Northrop Grumman to a “hold” rating in a research report on Tuesday, October 8th. Royal Bank of Canada increased their price target on shares of Northrop Grumman from $500.00 to $540.00 and gave the company a “sector perform” rating in a research report on Friday, October 25th. Finally, Wells Fargo & Company decreased their price objective on shares of Northrop Grumman from $595.00 to $574.00 and set an “overweight” rating for the company in a report on Friday. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Northrop Grumman has a consensus rating of “Moderate Buy” and a consensus price target of $544.31.

Northrop Grumman Stock Up 0.7 %

NOC stock opened at $486.97 on Friday. The business has a 50-day moving average of $478.40 and a 200-day moving average of $497.53. Northrop Grumman Co. has a fifty-two week low of $418.60 and a fifty-two week high of $555.57. The stock has a market capitalization of $70.95 billion, a P/E ratio of 30.17, a P/E/G ratio of 0.91 and a beta of 0.35. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.09 and a quick ratio of 0.97.

Northrop Grumman (NYSE:NOC) last issued its quarterly earnings results on Thursday, January 30th. The aerospace company reported $6.39 earnings per share for the quarter, topping the consensus estimate of $6.27 by $0.12. Northrop Grumman had a net margin of 5.79% and a return on equity of 26.57%. On average, sell-side analysts anticipate that Northrop Grumman Co. will post 25.96 earnings per share for the current fiscal year.

Northrop Grumman declared that its board has authorized a stock buyback program on Wednesday, December 11th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the aerospace company to reacquire up to 4.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Northrop Grumman Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd were paid a $2.06 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $8.24 annualized dividend and a yield of 1.69%. Northrop Grumman’s payout ratio is currently 51.05%.

Northrop Grumman Profile

Northrop Grumman Corporation operates as an aerospace and defense technology company in the United States, Asia/Pacific, Europe, and internationally. The company’s Aeronautics Systems segment designs, develops, manufactures, integrates, and sustains aircraft systems. This segment also offers unmanned autonomous aircraft systems, including high-altitude long-endurance strategic ISR systems and vertical take-off and landing tactical ISR systems; and strategic long-range strike aircraft, tactical fighter and air dominance aircraft, and airborne battle management and command and control systems.